Jones v. Crawford

Edward S. Barlow at the time of his death on July 12,1952 was the owner of all of the capital stock of the Barlow Advertising Agency, Inc. After expressing the intention to provide security for his then wife and infant daughter in his last will and testament, he bequeathed 70% of the corporate stock to certain employees of the corporation subject to certain conditions of which the following are pertinent here. It was provided that each such person receiving such a bequest of stock shall:

“ 1. As a stockholder, approve at a stockholders’ meeting and if a director, approve at a directors’…